"Much of the work we do with business clients requires an understanding of the financial worth of the company. A business valuation must be current and accurate, not only for our purposes, but for the IRS — whose assessment of the financial health of a business at the owner's death can have a dramatic impact on estate taxes. Incidentally, to be accepted by the IRS for estate tax purposes, a business valuation must be part of a formal buy-sell agreement."

Trigger questions

"If I were to offer to buy your business, and you wanted to sell it, what price would you ask?"

"Have you established the fair market value for your business for estate tax purposes?"

"Are you aware that, if you die without a current business valuation as part of a formal buy-sell agreement, in effect, you will have hired the IRS as your company's new accountant?"